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Tuesday, February 08, 2011

Hedge Fund Managing continue to sink the Economy and regulators are not catching up yet?

U.S. Cites Scramble

to Get Rid of Evidence

The government's complaint on Tuesday about its
insider-trading case against three hedge-fund
managers and a hedge-fund analyst details
the drama that
unfolded in November after The Wall Street
Journal broke news that the
probe had spread to involve "expert network
" companies.

After reading the Journal's article about the
insider-trading investigation
in November, CR Intrinsic Investors LLC's Donald
Longueuil, 34 years old,
said he destroyed his flash drive plus two
external hard drives by
ripping them up with two pairs of pliers,
according to the complaint.

"[P]ulled the external drives apart," Mr. Longueuil
told Noah Freeman,
35, who work at SAC Capital Advisors LP's
Boston office, according
to the complaint. "Put 'em into four separate
little baggies, and then
at 2 a.m … 2 a.m. on a Friday night, I put
this stuff inside my black
North Face … jacket … and leave the
apartment and I go on like
a twenty block walk around the city … and
try to find a, a garbage
truck … and threw the s— in the back of
like random garbage trucks,
different garbage trucks … four different
garbage trucks."

"I can see the Feds trying to [unintelligible]," Mr. Freeman said,
according to the complaint. Mr. Longueuil responded, "It's all …
ripped apart. … Everything's gone."

The Federal Bureau of Investigation obtained video surveillance
from Mr. Longueuil's building that showed him leaving his
apartment at 1:52 a.m. on Nov. 20 and returning at 2:33 a.m.,
an agent said in court documents.

Mr. Longueuil was charged with securities fraud, conspiracy
to commit securities fraud and wire fraud and obstruction
of justice. A lawyer for Mr. Longueuil hasn't responded to
a request for comment.

Mr. Freeman, who pleaded guilty to one count of securities
fraud and one count of conspiracy to commit securities
fraud and wire fraud, is cooperating with the government
in its investigation, according to his plea agreement and
people close to the situation.

Janice Fedarcyk, the FBI's assistant director-in-charge in
New York, said Mr. Longueuil's account to Mr. Freeman
of destroying documents was "surprisingly and scrupulously
and incriminatingly truthful" and corroborated by video
surveillance of him leaving and returning to his building
in the middle of the night.

"The evidence laid out in the complaint is largely the
defendants' own words," Ms. Fedarcyk said. "For all
their presumed sophistication, they lacked a
mobster's better-honed instincts for conversational
discretion, and that was to our great advantage."

Separately, Barai Capital Management's Samir Barai, 39,
and Barai technology analyst Jason Pflaum, 38, also
allegedly took action after the Journal's article,
published online on Nov. 19 and in print on Nov. 20.

On Nov. 20, Mr. Pflaum messaged Mr. Barai,
"Yo. Deleted them. Didn't sleep so well last night
. What else do you think we need to do?"

"Just go into the office," and "shred as much as
u can," Mr. Barai instructed Mr. Pflaum via
electronic messages.

On or about Nov. 21, Mr. Barai told Mr. Pflaum
to leave his laptop with his apartment-building
doorman so Mr. Barai could "encrypt it [a]nd
do a dept of defense delete … [s]o it cannot
be undeleted," according to the complaint.
Mr. Pflaum left his laptop with his doorman,
and later the same night Mr. Barai told Mr.
Pflaum that he retrieved it as planned, according
to the complaint.

"The laptop was never returned to Pflaum,"
according to the complaint.

Mr. Barai has been charged with securities
fraud, conspiracy to commit securities fraud
and wire fraud and obstruction of justice.
Mr. Pflaum has already pleaded guilty to securities
fraud and conspiracy to commit securities fraud,
according to prosecutors. Mr. Barai's lawyer
declined to comment.

Prosecutors said the four men kept records of
their inside information on flash drives or external
hard drives to avoid putting it on hedge-fund servers.

Preet Bharara, the U.S. attorney in Manhattan,
stood next to a chart at a news conference
Tuesday with quotes from Mr. Barai's and
Mr. Longueuil's descriptions of trying to
destroy records.

"It's like something out of a bad movie,"
Mr. Bharara said of Mr. Longueuil's alleged
actions. "It may be the first ever documented
use by a portfolio manager of pliers as a tool of the trade."

Referring to controversy over his office's wiretapping
of hedge-fund employees, Mr. Bharara said the
chart and the charges are "Exhibit A for why we
sometimes have to resort to wiretaps and body
wires to investigate even white collar crime on Wall Street."

"When people frantically begin shredding sensitive
documents, and deleting computer files and smashing
flash drives and chasing garbage trucks at 2 a.m. …
it is not because they have been operating legitimately,"
he said. "It is because they have broken the law,
they know it and they don't want to get caught."

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